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Jun 30, 2025
Appfolio Q2 2025 Earnings Report
Appfolio announced strong second quarter 2025 financial results, driven by Realm-X adoption and growth in value-added services.
Key Takeaways
AppFolio reported robust financial results for the second quarter of 2025, with revenue increasing by 19% year-over-year to $236 million. The company demonstrated strong profitability with GAAP operating income of $41 million and non-GAAP operating income of $62 million. Net cash provided by operating activities also saw a healthy increase to $53 million.
Revenue grew 19% year-over-year, reaching $236 million in Q2 2025.
GAAP operating income was $41 million, representing a 17.2% margin, while non-GAAP operating income reached $62 million, or 26.2% of revenue.
Total units under management increased by 6% year-over-year, reaching 8.9 million.
Net cash provided by operating activities was $53 million, reflecting 22.3% of revenue.
Revenue by Segment
Forward Guidance
AppFolio provided a positive financial outlook for fiscal year 2025, expecting full-year revenue between $935 million and $945 million, and non-GAAP operating margin between 24.5% and 26.5%.
Positive Outlook
- Full year revenue is expected to be in the range of $935 million to $945 million.
- Full year non-GAAP operating margin as a percentage of revenue is expected to be in the range of 24.5% to 26.5%.
- Continued strong adoption of AI-powered solutions by customers (96% usage).
- Company's platform is proving to be a competitive advantage for property management businesses.
- Strong revenue growth driven by Realm-X adoption through premium tiers and value added services.
Challenges Ahead
- No specific negative forward guidance was provided in the report.
- Uncertainty in providing GAAP equivalent guidance for non-GAAP operating margin due to unpredictable items like stock-based compensation.
- Potential for significant impact from excluded items in non-GAAP measures.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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